Statutory Compliance Chart for the Month of March 2024: Below mentioned are some important due dates under Income tax, GST, company law etc. for the month of March 2024.   1. Income Tax Nature Due Date    Due date for furnishing of challan-cum-statement in…

In past few days, various assessee have received messages from Income tax department to check certain Significant financial transaction on Income tax portal and pay Advance tax accordingly.   Message received from Income tax department is as under: “Attention…

The above judgement has been passed in the case of Godrej Industries Ltd. V. The Assistant Commissioner of Income Tax, Circle 14(1)(2), Mumbai and Other, WRIT PETITION NO.450 OF 2023 Dt. 28.02.2024   This petition challenges show cause notice dated 24th May…

CBIC has release an advisory on two new forms released by GSTN for making amendment to outward supply made on e-commerce and under reverse charge.   It is informed to all taxpayers that as per Notification No. 26/2022 – Central Tax dated 26th December 2022…

The infrastructure for financial business may include commercial/ mixed use. Thus, the commercial/ mixed use plot is exempted from GST as long as it is for development of infrastructure for financial business and other conditions as stipulated in the Notification…

CBDT has vide communication Dt. 18.03.2024 clarified that to help and facilitate Income tax department in completing the year end tasks, all Income tax offices shall remain open on 29th, 30th and 31st of March 2024. The communication by Income tax department…

Hence, now this is a practical difficulty where a clarification is sought from Income tax department of how to disclose such challan where no return was filed by assessee but self assessment tax has been paid by assessee before 31st December of the relevant…

Procedure for conducting reassessment proceedings was changed from 01.04.2021 wherein a section 148A was inserted before section 148 of the Income tax act.   Section 148A deals with conducting inquiry, providing opportunity before issue of notice under section…

Ministry of Finance has issued a clarification regarding applicability of New tax regime from FY 2023-24. In Finance Act, 2023, it was announced that new tax regime will become the default tax regime for all assessee and they can opt for old tax regime by…

Yearly gross revenue ₹20.18 lakh crore; 11.7% growth (13.4% on net basis)   Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven…

The judgement has been passed by Hon’ble Madras High Court in case of Thai Mookambikaa Ladies Hostel Vs. Union of India W.P.No.28486 of 2023 Dt. 22.03.2024.   Facts: The petitioners herein, having obtained licence, are running private ladies hostels by providing…

Statutory Compliance Chart for the Month of April 2024: Below mentioned are some important due dates under Income tax, GST, company law etc. for the month of April 2024.   1. Income Tax Nature Due Date Due date for issue of TDS Certificate for tax deducted…

In India we follow financial year for the purpose of reporting and as a tenure to bifurcate 2 years in relation to any financial law i.e. Income tax, GST, Banking etc.

The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR…

Thus, based on above notification it can be said that if return is verified within 30 days of filing date of filing return shall be only considered, however if return is verified after 30 days then date of verification will be considered as date of filing…

GSTN has accordingly recommended to CBIC that the due date for filing of GSTR-1 for the monthly taxpayers be extended by a day ie till 12/4/24.

There is no special drive to re-open cases of mismatch, and media reports alleging that large-scale re-opening is being undertaken by the CBDT are completely misplaced. Apprehensions are about retrospective taxation in this matter and re-opening of cases…

Hon’ble Delhi High Court has passed the above judgement in case of AGRA PORTFOLIO PVT. LTD. Vs. PR. COMMISSIONER OF INCOME TAX – 1 vide order Dt. 04.04.2024.   Facts of the Case: The ITAT has essentially upheld the additions made by the Assessing Officer…

In our previous article we had discussed about what is show cause notice u/s 148A(b) of the Income tax act and how to respond it. To read the article CLICK ME.   In this article we shall learn about order issued u/s 148A(d) of the Income tax act and what…

t is thus advisable to file Income tax return after all SFT details are available on e-filing portal that if after 10th to 15th June and hire a professional to file your Income tax return.